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S 1276 97th Congress Senate Taxation Accounting Business and commerce Income tax Internal revenue law Inventories Small business Tax administration

A bill to amend the Internal Revenue Code of 1954 to permit small businesses to reduce the value of excess inventory.

Introduced: May 21, 1981 See on congress.gov
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This bill died when the 97th Congress ended
It never became law before the 97th Congress (1981–1982) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 25, 1981
Subcommittee on Taxation and Debt Management. Hearings held.
Jun 15, 1981
Committee on Finance requested executive comment from OMB; Treasury Department.
May 21, 1981
Subcommittee on Taxation and Debt Management took the following actions.
May 21, 1981
Read second time and referred to Senate Committee on Finance.
May 21, 1981
Introduced in Senate
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 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to permit a domestic trade or business whose equity capital does not exceed $25,000,000 to reduce the value of a portion of excess inventory items held for more than 12 months.

Permits a taxpayer who is required to change his method of accounting pursuant to Revenue Ruling 80-60 (inventory valuation) and Revenue Procedure 80-5 to effect such a change only for taxable years beginning after December 31, 1980.

What's happening now September 25, 1981

Subcommittee on Taxation and Debt Management. Hearings held.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Republican 1
R
Grassley, Chuck
Iowa · May 21, 1981
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1276: A bill to amend the Internal Revenue Code of 1954 to permit small businesses to reduce the value of excess inventory.. 97th Congress. Open America. https://openamerica.io/bill/97-S-1276/
MLA
"S. 1276: A bill to amend the Internal Revenue Code of 1954 to permit small businesses to reduce the value of excess inventory.." 97th Congress, 2026, Open America, https://openamerica.io/bill/97-S-1276/.
Bluebook (legal)
S. 1276, 97th Cong. (2026), https://openamerica.io/bill/97-S-1276/.
Markdown link
[S. 1276: A bill to amend the Internal Revenue Code of 1954 to permit small businesses to reduce the value of excess inventory.](https://openamerica.io/bill/97-S-1276/)
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